240 ARTICLE 23.

recorded by said Clerks in the manner provided in Section 33 of this
Article.

(5) The provisions of this section shall not be held to repeal any of the
restrictions imposed by this Article on the consolidation of railroads own-
ing or operating competing or parallel lines. Any corporation of this
State which shall take advantage of this section shall be deemed to have
waived all claim to exemption from taxation or from repeal or modifica-
tion of its charter.

An. Code, 1924, sec. 34. 1912. sec. 30. 1904, sec. 46. 1892, ch. 666, sec. 39A.
1908, ch. 240, sec. 30. 1916, ch. 596, sec. 30. 1935, ch. 561, sec. 34.

34. (1) A consolidation of corporations to form a new corporation of
this State, or a merger of one or more corporations of this or another State
or States into a corporation of this State, shall be effective when the agree-
ment of consolidation or of merger, as the case may be, has been delivered
to the State Tax Commission with the recording fees, for which provision
is made by Section 33 or Section 33 1/2 of this Article, and the bonus tax,
if any payable, and not before. A consolidation or merger of one or more
corporations of this State into a corporation of another State shall be effec-
tive according to the provisions of law of the jurisdiction in which such
corporation will be organized, but not until the agreement of consolidation
or of merger, as the case may be, has been delivered to the State Tax
Commission with the recording fees for which provision is made in Section
33 1/2 of this Article.

(2) Upon the consolidation or merger becoming effective as hereinbe-
fore provided: (a) the separate existence of the corporations parties to said
agreement of consolidation or of merger, as the case may be, shall cease
except that of the surviving corporation in the case of a merger; (b) the
new or the surviving corporation, as the case may be, may, if so provided
by said agreement, possess any or all the purposes and powers of the
corporations so consolidated or so merged, and such other purposes and
powers as may be set forth in said agreement, except that any new or
surviving corporation of this State shall not possess any purposes or powers
other than such as may have been possessed by the corporation or corpora-
tions of this State parties to said agreement and such other purposes and
powers as may be set forth in said agreement as hereinbefore permitted;
(c) all the property, rights, privileges and franchises, of whatsoever nature
and description, of each of the corporations parties to said agreement, and
all debts and liabilities, of whatsoever nature and description, due on what-
ever account of any of them, including subscriptions for shares and other
choses in action belonging to any of them, shall be taken and be deemed
to be transferred to, vested in and devolved upon such new or surviving
corporation, as the case may be, without further act or deed; (d) the new
or the surviving corporation shall be responsible for all the liabilities and
obligations of each of the corporations consolidated or merged, in the same
manner as if such new or surviving corporation had itself incurred such
liabilities or obligations; but the liabilities of the corporations parties